Gold Prices Down After Swiss Voters Nix Gold Measure

Gold prices slid downward on Monday after Swiss voters nixed a measure to bump up the nation’s gold reserves, while oil prices also fell to a five-year low as the Organization of the Petroleum Exporting Countries (OPEC) decided to maintain crude oil production levels.

The rejected Swiss proposal, defeated by 78% of voters, would have required the Swiss National Bank to more than double its gold reserves, holding at least 20% of its assets in the precious metal, Reuters reports. The measure would have challenged the bank’s policy of capping the Swiss franc at 1.20 per euro.

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After the vote, gold at one point fell more than two percent to $1,142.90 per ounce XAU=, while silver prices, which usually mirror gold prices, hit a five-year-low at $14.50 per ounce XAG=.

Meanwhile, oil prices also slumped to $64.10 per barrel after OPEC rejected calls from some member states, including Iran and Venezuela, to tighten crude oil output and vie to keep oil prices from tumbling amidst a flurry of growth in the U.S. shale oil market.